Transfer of Title Flashcards
Chapter 9
Voluntary Alienation
may be accomplished by gift, sale, or dedication involving a type of deed.
Deed
a written instrument intentionally conveying right, title or interest in real estate from a grantor or grantee
Requirements of Valid Conveyance
legally capable grantor (legal and sound mind), grantee, granting or premises clause, habendum clause consideration, property description, limitations, grantors signature
Habendem Clause
defines or limits the ownership being conveyed. Any limitations to the estate should be included in this clause. It must agree with the granting clause. If there is a difference, the granting clause will take precedence.
Consideration
anything of value agreed to by the parties, such as good consideration (love, affection), or valuable consideration (money)
Property Description
SC does not require a legal property description
Limitations
Exceptions, reservations, restrictions
Grantors signature
Grantor only signs the deed. In some cases where there is a deed restriction, the grantee signs the deed.
Types of Deeds
General Warranty Deed, Special Warranty Deed, Bargain and Sale Deed, Quiet Claim Deed
General Warranty Deed
provides the greatest protection for grantee. Puts the most liability on the grantor. He guarantees to be accountable for all claims during and prior to his ownership. The seller is bound by 5 covenants.
5 Seller Bound Covenants
Seizen/Seisen, Against encumbrances, Quiet Enjoyment, Further Assurance, Warranty Offer
Seizen/Seisen
covenant where the grantor warrant that he/she has fee simple tittle with power and right to convey the title. (Legal right to transfer the property)
Against Encumbrances
grantor warrants that the property is free from liens and encumbrances except those specifically stated in the deed. (mortgages, mechanic liens and easements)
Quiet Enjoyment
warrants that title is good against third parties who might bring court action to establish superior title to the property
Further Assistance
grantor promises to deliver any instrument needed to order to make the title good
Warranty forever
grantor guarantees that if anything in the future the title fails, the grantor will compensate the grantee for the loss - no time limit
Special Warranty Deed
the grantor warrants or guarantees the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time. Usually used by fiduciaries such a trustees, executors, and corporations who have o authority to warrant against predecessors
Bargain and Sale Deed
Grantor covenants that the title is valid but may or may not warrant against encumbrances or promises to defend against claims of other parties. Grantee is receiving the deed “as is”
Quiet Claim Deed
provides least protection to grantee. It carries no covenant, warranties or guarantees. Conveys present or suspected (possible) interest that the grantor may have. Does nt necessarily convey property, but grantors right of title or interest.
Special Purpose Deeds
Deed in Trust, Administrators Deed, Executors Deed, Guardians Deed, Sheriffs Deed, Tax Deed
Deed in Trust
the trustor (grantor) conveys real estate to a trustee usually to establish a land trust. The trustees power to sell, mortgage and subdivide are controlled by the beneficiary under the provisions of the trust agreement
Administrators Deed
When a person died intestate, the court appoints an administrator to dispose of the deceased persons assets. This deed is used to convey title to purchasers of the real estate.
Executors Deed
When a person died intestate, the court appoints an administrator to dispose of the deceased persons assets. This deed is used to convey title to purchasers of the real estate.
Guardians Deed
The court may appoint a guardian to administer the assets of a legally competent person
Sheriffs Deed
Used to transfer property sold by the court to satisfy a judgement
Tax Deed
used to convey title property sold for delinquent taxes
Acknowledgement
a voluntary declaration before a notary public or officer of the court. This verifies that the grantors signature is both genuine and voluntarily given. It is necessary for a valid recording of a deed but recording is not necessary to have a valid deed. Recording gives constructive notice of an owners interest in the proposers. Unrecorded deeds ARE VALID
Transfer by Involuntary Alienation
Eminent Domain, Escheat, Tax Sale, Foreclosure, Forced Sale (liens), Adverse Possession, Accretion (only occurs when there is a successful claim of ownership in an easement by prescription situation), Avulsion
Transfer by WILL
involves the testator voluntarily conveying property after his/her death. A will takes effect only AFTER the death of the maker of the will. The heirs have no right or privileges as long as the testator lives. Dying with a will- testate, dying without a will- intestate
Land requirements of a will
legal age (18 in SC), sound mind, proper wording, no undue influence, witnesses (2 or more)
Testate // Intestate
person dying having a will ; person dying without having a will
Devise
Gift of real property in a will.
Bequest
gift of personal property in a will (legacy)
Testator, testatrix
Male or female or makes a will. -trix is FEMALE
Probate Court
sees to proper execution of wills and estates
Personal Representative
in SC, the term is used to indicate a person appointed by the Probate Court or designated in a will to carry out the settlement in an estate
Executor, executrix
person designated in will to handle estate settlement. -TRIX is female
Administrator, administratrix
male or female appointed by the probate court to handle estate settlement. -trix is FEMALE
Transfer by Descent
involves a person dying intestate - without a will
Documentary stamps
(deed stamps) are necessary for recording. $3.70 per $1000 or $1.85 per $500 of the sales price in SC. The seller usually pays this typical closing cost
Bill of Sale
transfers title of personal property, as opposed to a deed, which transfers title to real property.
Codicil
a supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will.
Holographic will
A will that is written, dated ad signed in the testators handwriting.
Noncupative Will
“Death bed will” - an oral will declared by the testator in his or her final illness, made before witnesses and afterward reduced to writing.
Patent
A grant of franchise of land from the United States Government
Reconveyance Deed
A deed used by a trustee under a deed of trust to return title to the trustor
Release Deed
A deed in which the grantor warrants, or guarantees the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, “by, through, or under the grantor but not otherwise”
